PIMCO hires Manghnani & Prado in ILS Business build-out

Asset management giant PIMCO (Pacific Investment Management Company LLC) has hired two experienced reinsurance and ILS professionals as it continues the build-out of its recently formed ILS Business.

PIMCO, which is owned by insurance giant Allianz S.E., launched the new PIMCO ILS Business in January, announcing the hire of Rick Pagnani to lead the new insurance-linked securities (ILS) operation.

As part of the build-out of the operational team to run the ILS and collateralized reinsurance investment operations, PIMCO has added two experienced team members in Bermuda.

Vijay Manghnani has joined PIMCO in Bermuda as Senior Vice President, ILS Risk & Analytics.

Manghnani was most recently at AIG, where he had worked since 2012 as Property Exposure & Analytics Officer, Head of Catastrophe Management & Analytics, where he worked on integrating advanced analytics into the insurers underwriting, capital and portfolio management strategies.

Prior to that, Manghnani worked at ACE USA, managing a portfolio of weather and catastrophe risks. He has also worked at Weather Predict and Aquila, with a focus on weather derivatives trading.

Juan Prado has also joined the PIMCO ILS Business in Bermuda, as a Senior Vice President, ILS Finance and Operations.

Prado had worked as a Senior Vice President of RenaissanceRe Ventures Ltd., the division of the Bermudian reinsurance firm focused on third-party capital and joint-ventures, as well as holding roles at Auréo Capital Ltd. and Performa Ltd. Prior to that he worked at Allen & Company in the firms investment banking group.

The hires bring expertise across catastrophe reinsurance and weather risk transfer, as well as portfolio management, analytics, ILS investing, investment banking and other areas that will benefit PIMCO as it continues its build-out of the ILS business and its ILS funds.

PIMCO, which had invested in ILS and catastrophe bonds back in the early to mid-2000’s, has re-entered the market in a partnership with owner Allianz, which is a strategic pairing that has the capacity to bring significant sums into the insurance and reinsurance market from capital markets investors.